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NEW CARLISLE, Ind. (AP) — State and local officials in Indiana are expecting a new natural gas-fired power plant in St. Joseph County to bring an economic boost to the area.

The (South Bend) Tribune reports that officials and project investors of the St. Joseph Energy Center cut the ribbon on Wednesday. The 700-megawatt plant, enough to cover 500,000 households’ electricity, is expected to generate $43 million in new property taxes over its 30-year lifespan.

The County Council approved a 15-year, $60 million tax abatement for the project’s first phase. Project officials are expected to ask for a similar tax break for their proposed phase two, which would double the plant’s capacity by adding two turbines.

The plant is a joint venture owned by a private equity group Ares EIF and Japan-based Toyota Tsusho Corp.